Budget 2016: Everything You Need to Know

  • Growth forecasts DOWN from 2.4% to 2% in 2016, from 2.5% to 2.2% in 2017 and from 2.4% to 2.1%in 2018
  • Public spending CUT to 36.9% of GDP, down from 45% in 2010
  • £3.5 billion extra CUT by 2019/20
  • Disability budget rises by £1 billion
  • International aid CUT £650 million by 2019-2020
  • Debt target as percentage of GDP for this year MISSED
  • Borrowing UP from £4.6 billion to £21.4 billion in 2018-19
  • Debt 79.9% of GDP in 2018/19
  • OBR forecasts over £40 billion MORE borrowing
  • Deficit reduction plan REVISED AGAIN: 2016/17 £55.5 billion deficit (+£6 billion), 2017/18 £38.8 billion deficit (+£14 billion), 2018/19 £21.4 billion deficit (+£21.5 billion), 2019/20 £10.4 billion surplus (+£0.3 billion higher)
  • Corporation tax CUT to 17%
  • Business rates CUT so 600,000 small businesses will pay no rates at all
  • Tax CUTS for North Sea oil and gas industry
  • Michael Heseltine to head up commission looking Thames Estuary growth
  • New mayors for some English counties
  • London fully retaining business rates
  • High Speed 3 between Manchester and Leeds
  • All schools to become academies
  • Maths compulsory in schools until 18
  • SUGAR LEVY on soft drinks
  • Sugar tax will raise £520 million
  • Fuel duty FROZEN again, beer duty FROZEN
  • NI contributions SCRAPPED for self-employed workers
  • Capital gains tax CUT from 28% to 20%, for basic rate taxpayers down from 18% to just 10%
  • ISA limit UP to from £15,000 to £20,000
  • New lifetime ISA for under 40s: save up to £4,000 and get up £1,000 bonus from the government per year
  • Tax free personal allowance to RISE to £11,500 from April 2017
  • 40p tax threshold RISES to £45,000 next year



Tip offs: 0709 284 0531
team@Order-order.com

Quote of the Day

David Davis is asked by Die Welt if his “training in the British commandos” has helped with the negotiations:

“Well, I never killed anyone.”

Sponsors

Guidogram: Sign up

Subscribe to the most succinct 7 days a week daily email read by thousands of Westminster insiders.
Mandelson Lies About Single Market Mandelson Lies About Single Market
Merkel: “Absolutely No Doubt” There Will Be A Deal Merkel: “Absolutely No Doubt” There Will Be A Deal
Sweden Drawing Up Brexit Trade Plans Sweden Drawing Up Brexit Trade Plans
Car Windscreen Smashed Inside Parliament Car Windscreen Smashed Inside Parliament
Russia Today Presenter Fibs With First Word on #BBCDP Russia Today Presenter Fibs With First Word on #BBCDP
Shameless Poetry Shameless Poetry
John Healey: Then and Now John Healey: Then and Now
Linesman MP Has Attended 96% of Votes, Better Record Than SNP MPs Linesman MP Has Attended 96% of Votes, Better Record Than SNP MPs
On The Red Carpet Last Night On The Red Carpet Last Night
Red Sky at Night, Jez’s Delight Red Sky at Night, Jez’s Delight
Arms Folded in Unity Arms Folded in Unity
Cliffe Quits Radicals After 12 Hours Cliffe Quits Radicals After 12 Hours
Davis: Brake Leaked His Own Letter Davis: Brake Leaked His Own Letter
Brake Misleads Bercow About Guido Story Brake Misleads Bercow About Guido Story
Labour Charge Electric Campaign Vehicle in Parliament Labour Charge Electric Campaign Vehicle in Parliament
Mr Rayner’s Alternative to Badger Cull Mr Rayner’s Alternative to Badger Cull
Sir Cover-Up, Sir Craig and the Curious Case of His Memoirs Sir Cover-Up, Sir Craig and the Curious Case of His Memoirs
Alun Cairns’ Tippy-Toes Pose Alun Cairns’ Tippy-Toes Pose
Pidcock Publicly Owned Pidcock Publicly Owned
Young Labour: Leave NATO, Abolish the City and Reject Two-State Solution Young Labour: Leave NATO, Abolish the City and Reject Two-State Solution